CBRE Negotiates 65,502-Square-Foot Lease at Desert Canyon Campus

Desert Canyon
Desert Canyon

Nov. 20, 2013- CBRE has negotiated a 65,502-sqare-foot office lease at Desert Canyon 200 in Phoenix, Ariz. The three-story, class A office building located on Desert Canyon Campus will be the new home of Matrix Absence Management’s U.S. headquarters.

Jim Bayless, Ashley Brooks and Jenny Aust of CBRE’s Phoenix office represented the landlord, REEF Desert Canyon, LLC, in negotiating the lease agreement. The tenant, Matrix Absence Management of San Jose, Calif., was represented by Steve Corney of Jones Lang LaSalle’s Phoenix office.  The exact terms of the transaction were not disclosed.

“This deal is a good indicator of the improving metro market and it’s a particularly good deal for the Metrocenter submarket,” said CBRE’s Bayless. “The increasing shortage of quality, large blocks of contiguous space mean that properties like this one will continue to be in high demand. Large users are going to find it increasingly difficult to find amenity-rich space to meet their needs and the market will eventually have to respond with new development.”

A subsidiary of the Tokio Marine Group, Matrix is a nationwide company that works with employers to provide customized management of disability, workers’ compensation and family leave programs. Matrix plans to relocate its current Phoenix operations from Lakeside Center at 11225 N. 28th Drive. The new location at Desert Canyon 200 will also operate as Matrix’s U.S. headquarters.

Previously occupied by American Express, the space will undergo a total renovation before Matrix takes occupancy in the spring of 2014. The company will occupy the entire second and third floors.

Located at 2421 W. Peoria Ave., a quarter mile from the I-17 freeway, Desert Canyon 200 is part of the three building Desert Canyon Campus. Originally developed by the Alter Group in 1999, each building at the campus was eventually sold off individually. The Alter Group continues to handle property management of Desert Canyon 200.

The property has convenient access to Metrocenter area amenities, including hotels and restaurants. It features fiber optics and offers a lush campus environment. The first floor, which totals 33,000 square feet, is fully vacant and available for lease.

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